The banking lobby is resisting efforts to overhaul the $605 trillion market for derivatives that don’t trade on exchanges. Although a lack of transparency and hidden leverage in this over-the-counter market fueled systemic weakness in 2008, regulators and politicians haven’t delivered some basic improvements.

The Club-Med meltdown may persuade them to act. For years, Greece wrote large derivatives contracts with banks, mostly associated with sovereign-bond issues. These derivatives likely have a feature that now makes them particularly worrying for banks, lax “margin” requirements

washington post (owned by warren buffet via berkshire hathaway which owns a ton of goldman sachs) must be in bed with goldman to run a soft ball all-sunshine fluff story like this…who cares that this random guy moved to the mountains ‘to clear his head’ for a while…not one mention of what a cluster$%% these bankers created.